Physical bank bills moved up another couple of points this week in a continuation of moves which were kicked off by higher-than-expected Q4 GDP figures released in early March. Bank bills finished the week 2bps higher at 2.33%, which is the same as the 3 month BBSW rate that finished up 1bp.
Swap-to-bond spreads fell again over the week. Interest rates rose across the board but swap rates tended to rise a little less than bond rates. 3 year spreads fell 4bps to 18bps, 5 year spreads fell 2bps to 26bps and 10 year spreads fell 4bps to 8bps.
The 1 year swap rate rose 4bps to 2.21%, the 3 year rate rose 8bps to 2.21%, the 5 year rate rose 10bps to 2.47% and the 10 year rate rose 8bps to 2.76%.
AFMA BBSW / SWAP RATES
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